May 22, 2024
Global Fashion Ecommerce Market

Global Fashion Ecommerce Market Is Expected To Be Flourished By Mass Customization Opportunity

The global fashion e-commerce market involves the online sale of clothing, footwear, accessories, and beauty products through various websites and applications. Key players in this market provide consumers with a large selection of products from different brands, styles, price points, and sizes via their online shopping platforms. They also offer features such as seamless payment options, easy exchange/return policies, cash-on-delivery, and fast doorstep delivery to enhance customer experience. With rising internet and smartphone penetration worldwide, especially in developing nations, the market has witnessed strong growth over the past few years.

The global fashion ecommerce market was valued at at US$ 1,626.97 billion in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2030, as highlighted in a new report published by CoherentMI.

Market Dynamics

Mass customization offers a lucrative opportunity as it allows consumers to design or customize products according to their specifications and needs. Key players in the fashion ecommerce market are focusing on providing this innovative feature as it heightens consumer engagement and satisfaction. Companies are developing advanced technologies like AI and 3D printing to enable customization in apparel, shoes, and accessories. This emerging trend is anticipated to boost the market growth over the forecast period. Further, the growing popularity of social media/influencer marketing is also acting as a driver. Leading fashion players collaborate with popular influencers and celebrities to promote their products through sponsored posts and stories on Instagram, Facebook, and other platforms thereby expanding their consumer outreach in a cost-effective manner.

Global Fashion Ecommerce Market Segmentation

By Business Model
Business to Consumer (B2C)

Business to Business (B2B)

Consumer to Consumer (C2C)

Business to Administration (B2A)

Consumer to Business (C2B)

Business to Employees (B2E)

By Product Type
Apparel

Accessories

Footwear

Beauty and Personal Care

Others (home furnishings, jewelry etc.)

By End User
Men

Women

Kids

Unisex

By Price Range
Premium

Mid

Low

Economy

By Device Used
Mobile

Desktop

Tablet

Others

By Region:
North America

Europe

Asia Pacific

Latin America

Middle East and Africa

The global fashion ecommerce market is primarily segmented into women’s clothing, men’s clothing, footwear, accessories and others. The women’s clothing segment dominates the market and accounts for over 35% share. Women have a larger wardrobe collection and are more inclined to shop for latest fashion trends and styles online. Further, the ease of buying from a wide range of products available on various platforms like Myntra and Ajio is driving the women’s clothing segment growth.

PEST Analysis

Political: The fashion ecommerce market players need to comply with regulations related to data privacy, taxes, imports and exports set by governments in different countries and regions. Certain government policies regarding tariffs can impact transnational fashion retail businesses.

Economic: Rising internet penetration, growth of smartphone usage and increase in disposable incomes are major economic drivers for the online fashion market. Economic slowdowns can negatively impact discretionary spending on apparel and accessories.

Social: Younger consumers are the major adopters of online fashion shopping due to higher affinity towards digital technologies and busy lifestyles. Social media plays a key role in influencing latest trends and creating brand awareness.

Technological: Advancements in last-mile delivery mechanisms, augmented/virtual reality, AI and mobile friendly interfaces are enhancing the online shopping experience. Many e-retailers are leveraging technologies to provide personalized recommendations and customized services to customers.

Key Takeaways

The global Fashion Ecommerce Market Size is expected to witness high growth during the forecast period of 2023-2030. The global Fashion E-commerce Market was valued at at US$ 1,626.97 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2030.

Regional Analysis

The Asia Pacific region holds over 40% share of the global fashion ecommerce market led by countries such as India and China. India is one of the fastest growing markets due to wide acceptance of online platforms especially among tier-2 and tier-3 cities. E-retailers in India like Myntra and Flipkart have a vast product range and frequently run promotional sales which attract numerous shoppers.

Key Players

Key players operating in the global fashion ecommerce market are Amazon, Flipkart, Myntra, Snapdeal, Paytm Mall, Shopclues, Jabong, Ajio, Nykaa, Limeroad, SHEIN, and ROMWE. Players like Myntra and Jabong gained significant market share in the Indian fashion ecommerce space. New entrants like SHEIN and ROMWE have also grown rapidly with their affordable product offerings targeted at young consumers globally.

Reasons to Purchase Fashion Ecommerce Market Report:

1. Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.

2. Develop/modify business expansion plans by using substantial growth offerings in developed and emerging markets.

3. Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Fashion Ecommerce Market.

FAQ’s

Q.1 What will the market development pace of the Fashion Ecommerce Market?

Q.2 What are the sales, revenue, and price analysis of the top players of the Fashion Ecommerce Market?

Q.3 What are the market opportunities and threats faced by the vendors in the Fashion Ecommerce Market?

*Note:
1.       Source: CoherentMI, Public sources, Desk research
2.       We have leveraged AI tools to mine information and compile it